The Arrow DWA Balanced Fund may not be suitable for all investors. The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more stablished companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation. The maximum sales charge for Class A is 5.75%. Class A investors may be eligible for a reduction in sales charges. The Fund charges a fee of 1.00% on redemptions of shares held less than 30 days. The maximum sales charge for Class A is 5.75%. Class A investors may be eligible for a reduction in sales charges. The Fund charges a fee of 1.00% on redemptions of shares held less than 30 days.

Multiple Rotation StrategiesThe four market segments are managed through the use of five underlying rotation strategies. The goal of each rotation strategy is to systematically identify and provide exposure to leading strategy components on an ongoing basis.

Response for Changing Market ConditionsThe Fund seeks to moderately overweight market segments, rotation strategies, and ETFs exhibiting positive relative strength and underweight market segments, rotation strategies, and ETFs exhibiting negative relative strength. In essence, TAA works by reallocating at different times in response to the changing patterns of returns available in the markets. Below is a description of each rotation strategy, including minimum and maximum exposures and targeted number of ETF and equity holdings:

Strategy

Description

Min

Max

Sector Rotation

Seeks to provide sector exposure through individual equities, equally weighted across the top 20% of sub-industries.

7.5%

7.5%

Style Rotation

Seeks to provide exposure to leading U.S. styles (such as size, value and growth).

7.5%

47.5%

International Rotation

Seeks to provide exposure to leading international countries.

10%

40%

Fixed Income Rotation

Seeks to provide exposure to leading fixed income assets.

25%

55%

Alternative Rotation

Seeks to provide exposure to instruments historically non-correlated to equity or fixed income investments.

10%

50%

The following table highlights a portion of the broad universe of asset class exposure that could be used within each strategy:

Sector Rotation

Style Rotation

International Rotation

Fixed Income Rotation

Alternative Rotation

Airlines

Automotive Retail

Biotechnology

Building Products

Cable & Satellite

Consumer Electronics

Distillers & Vintners

Drug Retail

Food Retail

Footwear

Health Care Distrib.

Health Care Facilities

Household Appliances

Managed Health Care

Movies & Entertain.

Railroads

Real Estate Services

Specialty Chemicals

Trucking

...and more

Large Cap:

Growth

Value

Med Cap:

Growth

Value

Small Cap:

Growth

Value

Austrailia

Austria

Brazil

China

France

Germany

Hong Kong

India

Israel

Japan

Malaysia

Mexico

Russia

Singapore

Spain

Switzerland

Thailand

Turkey

U.K.

...and more

Corporate Debt:

Short Term

Intermediate

Long Term

Govt. Agencies

U.S. Treasuries:

T-Bills

Notes

Govt. Bonds

Commodities:

Agriculture

Energy

Industrial Metals

Precious Metals

Softs

Currencies

REITs

TIPS

*For illustrative purposes only. Portfolio allocations will vary and are not limited to the list above. The fund may use futures to provide exposure to these strategies.

Before investing, please read the prospectus and shareholder reports to learn about the investment strategy and potential risks. Investing involves risk including loss of principal. An investor should also consider the investment objective, charges, expenses, and risk carefully before investing. This and other information is contained in the prospectus, which can be obtained by calling 1-877-277-6933. Please read the prospectus carefully before investing. Content reviewed by an affiliate, Archer Distributors, LLC (member FINRA).